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Commonly Asked Questions about Chapter 13 Plan Forms

There are two basic kinds of chapter 13 plans extension plans and composition plans. An extension proposes to repay creditors in full over an extended period of time. A composition proposes to repay creditors part of what is owed to them (for example, 50%) over an extended period of time.
In general, bankrupt individuals are often given 36 or 60 months to pay back what is owed, with higher income filers usually paying more per month. The actual time will depend on the median income and your monthly income six months before filing a bankruptcy petition.
It is important to realize that you will be expected to begin making monthly payments ing to the terms of your repayment plan within 30 days of filing. The repayment plan itself can take anywhere from three to five years to complete.
Written by Attorney Tina Tran. Step 1: Collect your documents. Step 2: Analyze your debt. Step 3: Take inventory of the property you have. Step 4: Create a budget and figure out the status of your income. Step 5: Take the first credit counseling course. Step 6: Fill out and complete your bankruptcy forms. How To File Chapter 13 Bankruptcy: A Step-by-Step Guide - Upsolve upsolve.org learn how-to-file-chapter-13-bank upsolve.org learn how-to-file-chapter-13-bank
Any objections to a Chapter 13 bankruptcy plan must be filed in bankruptcy court and served on the debtor at least seven days before the scheduled plan confirmation hearing.
Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtors current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period for cause.
Usually, the trustee pays them in this order: secured debts first, followed by priority debts, and then unsecured debts. (Learn about secured, unsecured, and priority claims.) You may pay some of those debts in full through your plan, and others just pennies on the dollar.
A 100% plan is a Chapter 13 bankruptcy in which you develop a plan with your attorney and creditors to pay back your debt. It is required to pay back all secured debt and 100% of all unsecured debt.